Vietnam Airlines JSC eyes comprehensive restructuring to weather COVID-19 crisis
The Vietnam Airlines JSC has drafted a set of seven solutions for comprehensive restructuring, which is waiting for approval from authorities, after another year struggling with COVID-19 impacts, according to Chairman Dang Ngoc Hoa.
The Vietnam Airlines JSC has drafted a set of seven solutions for comprehensive restructuring after another year struggling with COVID-19 impacts, according to Chairman Dang Ngoc Hoa. (Photo: VNA)
Hanoi (VNA) – The Vietnam Airlines JSC hasdrafted a set of seven solutions for comprehensive restructuring, which arewaiting for approval from authorities, after another year struggling withCOVID-19 impacts, according to Chairman Dang Ngoc Hoa.
The State-owned corporation, which owns national flagcarrier Vietnam Airlines, low-cost Pacific Airlines and the Vietnam AirServices Company (VASCO), received refinancing loans worth 4 trillion VND(175.63 million USD) at zero interest rate from the State Bank of Vietnam inthe third quarter of 2021. The company later completed offering of 800 millionshares to existing shareholders.
Despite these moves, more still needs to be done to get itthrough the COVID-19 crisis. In the first nine months of 2021, the company sawits revenue nosediving 42 percent to over 18.73 trillion VND, according to theVietnam Airlines JSC’s financial statement. Gross loss reached nearly 11.83trillion VND, compared to some 8.07 trillion VND during the same period lastyear.
Ending the third quarter, its equity plunged 75.5 percentfrom the beginning of the year to just over 1.47 trillion VND. This year,consolidated profit after tax amounted to minus 14.52 trillion VND.
Hoa said the Vietnam Airlines JSC has come up with a set ofseven solutions, including restructuring its fleet by deferring due payments; reducingaircraft leasing costs and postponing delivery of new aircraft;restructuring assets through aircraft liquidation and leaseback; restructuringinvestment portfolio; accelerating organizational and corporate governancerestructuring; issuing additional shares; among others.
He also noted that the corporation has yet to decide toissue bonds at home or overseas./.
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The Vietnam Airlines JSC has drafted a set of seven solutions for comprehensive restructuring after another year struggling with COVID-19 impacts, according to Chairman Dang Ngoc Hoa. (Photo: VNA)
